Driven by the rising demand for solid-state batteries due to their high energy density for various applications along with increased research and development activities for solid-state batteries, the Global Solid-state Battery Market is Forecasted to reach nearly US$ 3,000 Mn by 2028 says Ken Research Study.
A solid-state battery uses a solid as an electrolyte and has high energy density, better stability, and is safer in comparison to lithium-ion batteries. Different kinds of electrolytes could be used to increase the efficiency of a solid-state battery. Solid-state batteries are less expensive, safer, and more durable.
Ken Research shares 3 key insights on this high-demand market from its latest research study.
1. High Energy Density of Solid-state Batteries Encourage Market Growth
The increase in research and development for the solid-state battery to improve their efficiency is boosting the growth of the solid-state battery market in the forecasted period. The solid-state battery offers high performance, has a longer life, cheaper battery costs, and other is increasing its adoption in various sectors is anticipated to propel the growth of the market. However, the high manufacturing cost of solid-state batteries may hamper the growth of the market.
According to Ken Research estimates, the Global Solid-state Battery Market – valued at around US$ 200 Mn in 2017 and estimated to reach nearly US$ 700 Mn by 2022 – is expected to grow to around US$ 3,000 Mn opportunity by 2028.
2. Increasing Adoption of Solid-state Battery in Electric Vehicle is Driving the Market Growth
The rising demand for the solid-state battery for electric vehicles is anticipated to aid the growth of the market. Moreover, the high investment in research and development of solid-state batteries along with the increasing partnership between battery manufacturers and automobile companies is expected to bolster the growth of the global solid-state battery market.
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The below graph depicts the increase in electric vehicle registration in China.
3. Difficulty in the Manufacturing Process of Solid-state Battery Is the Most Significant Barrier to the Growth of the Market.
The difficulty in the manufacturing process of solid-state batteries, as well as the requirement of high investment for R&D and manufacturing of solid-state batteries, may hamper the growth of the market. In addition, the availability of other substitutes at cheaper cost such as graphene batteries, fluoride batteries, sand batteries, ammonia-powered batteries, and lithium-sulfur batteries may restrict the growth of the market.
Key Topics Covered in the Report
- Snapshot of the Global Solid-state Battery Market
- Industry Value Chain and Ecosystem Analysis of the Solid-state Battery Market
- Market size and Segmentation of the Global Solid-state Battery Market
- Historic Growth of the Overall Global Solid-state Battery Market and Segments
- Competition Scenario of the Solid-state Battery Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Solid-state Battery Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Solid-state Battery Market
- Future Market Forecast and Growth Rates of the Global Solid-state Battery Market and by Segments
- Market Size of Application/Application Segments with historical CAGR and Future Forecasts
- Analysis of the Solid-state Battery Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Production/Supply and Consumption/Demand Hubs in Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Solid-state Battery Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Mentioned in the Report
- TOYOTA MOTOR CORPORATION
- Robert Bosch GmbH
- Solid Power Inc.
- BrightVolt Inc.
- SK Innovation Co. Ltd
- Total Energies
Notable Emerging Companies Mentioned in the Report
- QuntumScape Corporation
- Factorial Inc
- Gangfeng Lithium Co Ltd
- Prieto Battery
- Dyson Ltd.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Solid-state Battery Manufacturers
- Electric Vehicle Manufacturers
- Electronic Manufacturers
- Wearable Device Manufacturers
- Medical Device Manufacturers
- Research & Consulting Firms
- Research and Development Associations
- Investment Banking & Financial Institutes
- Research & Development Institutes for Solid-state Battery
- Solid-state Battery Providers
- Solid-state Battery Technology Research Organizations
- Solid-state Battery Suppliers
- Investors in Solid-state Battery Start-ups
- Solid-state Battery Distributors
- Government Regulatory Bodies
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